Resurfacing 2024 data: Delhi-NCR retail leasing hit record 3.1M sq ft as vacancies fell and rents climbed
Report resurfacing from 2024 shows retail leasing across Delhi-NCR rose 7% YoY to 3.1M sq ft that year, while mall vacancy dropped to 8.3% from 9%. Noida and Gurugram led with 12-15% growth, fueled by Jewar Airport and expressways. The region was projected to hold 66% of major-city retail pipeline with 27M sq ft planned through 2028.
What happened
CBRE · Delhi-NCR retail real estate hit record leasing and rising rents in 2024, with falling mall vacancies and Noida/Gurugram driven by Jewar Airport and
Key facts
- leasing +7% YoY to 3.1M sq ft
- vacancy 8.3% in 2024 vs 9% in 2023
- South Extension rentals ₹800-1,000/sq ft
- Golf Course Road rentals >₹300/sq ft
- Noida/Gurugram leasing +12-15%
- consumer spending +12% YoY
- 27M sq ft planned 2024-2028 (66% of major-city pipeline)
- 29 land deals over 313 acres FY2023-24
Why this matters
The region's dominant 27M sq ft development pipeline and expressway-driven Noida/Gurugram momentum make it the priority market for acquiring or partnering on retail assets ahead of the Jewar Airport catalyst.
What to watch
- Jewar Airport commissioning timeline and passenger ramp
- Quarterly vacancy trend below/above 8% threshold
- Actual vs planned supply delivery in 2025-26
- Consumer spending growth sustaining above 10% YoY
- Prime rent escalation clauses and renewal rates
- Interest rate moves affecting retail cap rates and REIT appetite
- REITs and PE funds accelerate acquisition of Grade-A NCR mall stock ahead of rent cycle
- Global and D2C brands sign anchor/flagship leases in Noida and Gurugram new developments
- Developers front-load pipeline delivery near Jewar and expressway nodes
- F&B, entertainment, and experiential formats expand share of leased area
- Weaker high-street/older mall landlords cut rents or pursue redevelopment